A sole trader has the following details for rent and rates for one year. Opening accrual: $\$750$ Bank payments made during the year: $\$2\,650$ Closing prepayment: $\$850$ What amount of rent and rates expense should be entered in the income statement for the year?
- A$\$1\,050$
- B$\$2\,550$
- C$\$2\,750$
- D$\$4\,250$